Does home equity liquidation reduce older adults’ poverty rate? Evidence from South Korea

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2022-01-01 DOI:10.1332/175982721x16385307728468

Kyung-jin Choi, Sanha Noh, In-hong Baek

引用次数: 2

Abstract

We investigate relative poverty rates among older adults from a unique dataset using an actuarial method applied to a public reverse mortgage in South Korea, which liquidates home equity and converts the assets to a readily available income. We find that it increases disposable income by approximately 20 per cent on average for older adults, and the improvement is more effective in the low-income quintiles. Due to the increased income, elderly poverty rate reduces significantly by 10 percentage points to about 31 per cent. Therefore, the elderly poverty rate following the OECD standard overestimates the elderly poverty rate and could misguide welfare policies.

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房屋净值清算能降低老年人的贫困率吗?来自韩国的证据

我们从一个独特的数据集调查老年人的相对贫困率，使用精算方法应用于韩国的公共反向抵押贷款，该抵押贷款清算房屋净值并将资产转换为现成的收入。我们发现，它使老年人的可支配收入平均增加了约20%，而且这种改善在低收入五分之一的人群中更为有效。由于收入的增加，老年人贫困率大幅下降了10个百分点，降至31%左右。因此，按照经合组织标准计算的老年人贫困率高估了老年人贫困率，可能会误导福利政策。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.